This fella here, Tim Markwell. Hello. Part of the dream team, aren't you? You know, when you have a listen to people like Rick Rule, who are investment legends in the world, and they always say to you, "Make sure you look at the team, the caliber of the team." The team that is part of the Falcon Metals story is very impressive. There's some company making human beings amongst them, and Tim's no different. He's gonna talk to us about Falcon. Back in December, they were certainly well cashed up. They had an aggressive drilling program underway, and I'm interested to see how they're going February 2026 and beyond. Please make Tim welcome.
Yeah, thanks, Chrissy, and thanks to RIU for the opportunity to present here today. So today, I'll be talking to you about our Blue Moon discovery. It is the northern extension of the Bendigo Goldfield, which is a very famous goldfield indeed. It's a fairly new project for us. We only started drilling it in June last year, but we're already getting some pretty incredible results. And if I get time at the end, and I don't get in trouble with the bell ringing, I'll touch on our Errabiddy Gold Project, which is right near Benz Mining's Glenburgh project in WA. So Blue Moon is in the Bendigo Zone. It's a world-class goldfield. There's two very well-known deposits.
Obviously, Bendigo itself, and our tenement wraps around the Bendigo Goldfield, which was a 22 million-ounce gold deposit. From 1851, they produced more than 200,000 ounces a year for 65 years straight at Bendigo. That is truly astonishing. So we own the ground around that, and we've confirmed that northern extension. But 25 km away, as already been touched on today, there's the Fosterville Gold Mine, and that is a truly extraordinary bit of geology. It was a bit of an ugly duckling for many years, refractory, lowish grade, never really hit its straps, but then they hit the Swan Zone at 800 m depth, and it became the most astonishing gold deposit on, in the world for a few years and was pumping out the cash.
So this is an amazing place to have a gold deposit, and as I said, we've already proved that we do have the northern extension of Bendigo on our license. You can see those drill results there, you know, 543 g, 167 g, et cetera. This is, this is the real deal. So, so that, that's what I'll talk about today. And, and importantly, we have seven drill pads approved. We've got the next 18 months to two years of drilling already approved, and we've got two rigs turning 24/7, and hopefully a third starting soon. Quick corporate snapshot, so a very strong register. We were able to do a raising last year that really strengthened that with some of the best funds in the business, Jupiter, Franklin Templeton, Mackenzie, Paradise, et cetera. Tim Markwell is obviously there.
Share price was around at, is, has been around AUD 0.81. That gives us a market cap of about AUD 170 million-AUD 180 million. But importantly, as Chrissy said, we've got AUD 22.4 million cash in the bank at the end of December, so that's plenty of cash to do what we need to do for the next, year or so. Look, I won't, I won't touch on the... I won't talk too much about the board. There's some absolute legends there, Mark Bennett with Nova-Bollinger, Alex Dorsch with, with Chalice, with Gonneville.
Katina Law's doing some pretty interesting things at Yandal, and Doug Winzar is the exploration manager at Falcon, and he's the guy, a Bendigo born and bred geologist, and he was the one that recognized the opportunity of Blue Moon, and we grabbed it as soon as it became available. So Blue Moon, we're drilling in at the moment, the first couple of km are in the Bendigo Regional Park. This is a degraded bit of crown land, so we were able to get approval to drill here pretty easily. So we've got, you know, as I said, seven drill pads approved into the future, so we really are looking ahead here.
And there's a bit of the VG that we hit in July last year, and that's the intercept that really got things moving for us. So going a bit more into detail on Blue Moon, you can see there, there's that Bendigo Goldfield in the middle. You know, we don't have that, but you can see the structures that hosted that 22 million-ounce deposit. They go right up to our tenement, and when it was granted in mid-2023, we did a pretty detailed data review of all we could find about Bendigo, and it showed us two things.
One is the best place to drill was a long strike from the Garden Gully Line, which goes up the middle there, and that was 5.2 million ounces on its own, and it goes, and the other part is it goes right up to our tenement boundary. So we have very deep shafts going right up to our tenement boundary, and once you get to that tenement boundary, there's some shallow shafts and no drilling. No one has ever drilled the northern extension of Bendigo before we got here, which is the most extraordinary thing to understand about this opportunity. This is the long section that really demonstrates. This is what we put out when we first started drilling, so it's a bit of a dated long section, but I love it because it just shows everything in one simple slide.
So on the left there, we have to the south, we have the Bendigo deposit, which is that 22 million-ounce goldfield. This is the Garden Gully Line, that 5.2 million-ounce reef. You can see all the old shafts there. This was mined extensively until you get to our tenement boundary, that green line, and then there's only those shallow shafts, and that high-grade zone plunges to the north and gets deeper, and that's why the old-timers missed it. You can see their shafts didn't quite get down deep enough, and that red line is the first hole we drilled, and hey, presto, we hit visible gold from the very start. And this is what it looks like. You can see there's a lot of numbers on this page, and that's because we've hit a lot of gold.
And what we've done now, with the announcement we put out on Monday, is we've now got three discrete zones. We've got the Morning Glory Zone at surface, where we hit nearly 18 g over a couple of meters. That was a nice bonus for us because we were really targeting that deeper structure. So we're gonna do a separate drilling program targeting that shallow zone, because that's obviously clearly a great opportunity for us. But it's that Lotus Zone in the middle where we're really getting some exciting results. We've done three sections on this zone, and every section has hit more than 100 g per ton gold. So we've hit it every time. So we've now got a 100% strike rate here.
This is now 280 m long, and this goes for potentially 6 km on our license. You know, it's, it's open 10 km You know, Bendigo was 10 km to the south of us. We've got the next 6 km. So in theory, this could just keep going, so we're gonna be patiently stepping out and drilling along here. Then we have the deeper zone, the Dahlia Zone, at, at about 800 m. We hit a 6.5 m quartz vein with 33 g in it there, and we're currently wedging and doing the second and third section, wedging across to try to test the Dahlia Zone in the next step-out hole. So that's hopefully coming with results awaited. Look, this is what they look like in cross sections.
You can see there the Morning Glory Zone at the top, we've hit it in the first hole. We, you know, we're gonna be doing a separate program and testing it along strike. We already know it's there because there are some scratching and workings for about 1/2 km, so we're pretty confident that the Morning Glory Zone extends. We already know the Lotus Zone extends 'cause we've hit it every single time we've drilled it, and the Dahlia is where we're, we're wedging across now, and hopefully, we, we'll have some results coming. Well, this is just a very short video that just shows the opportunity perfectly, and it really does show you why Bendigo was so amazing.
So you can see there's our tenement wrapping around the Bendigo Goldfield with the, those old reefs in the blue that go right up to our tenement boundary. As it zooms in and the surface peels away, you'll see the Garden Gully Line up the middle there. As the surface peels away, it'll reveal the underground workings which we have all in 3D with the Bendigo Goldfield. This is what a 22 million-ounce gold field looks like from underground in 3D. This is a subterranean world of shafts and drives. This was truly extraordinary. A lot of those shafts are more than a kilometer deep. That green...
Those green structures are the workings. That's the Garden Gully Line, 10 km long, and when the red quartz reefs appear, you'll see how continuous they are along strike. So once you hit one of these things, in theory, you should be able to follow it for kilometers, and that's been the history of Bendigo. And as you get to our tenement boundary, you can see that northerly plunge. You can see our first drill hole in the black there. We have to update this with the new drilling. You've got the target structures, and those light blue lines are the drilling that we plan to do. So this is gonna be an 18-month drill out of demonstrating scale at Bendigo.
And probably the most important thing to really take away from this is we have 6 km strike of that Garden Gully Line, but that's only one of the reefs. There's nine other reefs, so this is a truly. If we can demonstrate the scale, you're looking at multimillion-ounce potential here. And what we're gonna do, we're gonna keep those two rigs going along the Garden Gully Line, but we're gonna get a third rig that will start testing these parallel structures. So that's something we're gonna be working on over the next couple of months to get a third rig going and testing these parallel structures. It'd be remiss of me not to show you some photos of some visible gold.
It's not many companies that can use a 50-cent piece to scale for the visible gold, but fortunately, we can. So some very nice numbers there indeed. This is the key slide for the next 18 months for Falcon. So you can see there, there's the hole. We've done three step-out holes already. We're waiting on results on the second two step-out holes, and then those light blue dashed lines are the drilling that's happening over the next 18 months. So the next focus for us is to demonstrate scale.
There's 2.5 km of strike there, and then obviously it goes for 6 km in total, but, you know, we're focused on demonstrating that these structures go for the next 2.5 km, and then as I said, we're looking to get a 3rd rig going, and that will be targeting the parallel structure, which will probably be the starting off with the New Chum Line, which was a 3.8 million-ounce reef on its own as well. So that's the potential for the northern extension of Bendigo. Lastly, I'd just like to touch on our Errabiddy Gold Project. This is a bit of a sleeper in our portfolio.
This is at the very northern part of the Yilgarn, where Benz Mining have been doing some amazing things with their Glenburgh deposit. We picked this up in a joint venture. This is only 35 km away from Glenburgh, and it's basically a nearly 6 km soil anomaly. We're getting more than 1 g in soils here, and this has never been drilled. We've done our soil sampling, we've worked it up to drill targets. Now we're just waiting on heritage, and once we get the heritage done, we'll be sending an RC rig up north in WA, and we'll be drilling this project. This is quite an exciting one, given what you know what's been happening with Benz Mining. A nice little sleeper to have in our portfolio. That's it.
Look, we've got a great team that's made world-class discoveries. We've got the Blue Moon Project, where we're getting lots of visible gold and high grades. We've got lots of drilling to do in front of us. We've got the Errabiddy Gold Project in the northern Yilgarn, and importantly, we've got the cash to do it. So thanks very much.